BOSTON, Feb. 10, 2015 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. (Nasdaq:PRTK), a biopharmaceutical company, today announced that its Board of Directors has adopted a 2015 Inducement Plan (the "Plan") in accordance with NASDAQ Rule 5635(c)(4). The Plan reserves 360,000 shares of common stock, subject to adjustment for stock dividends, stock splits, or other changes in Paratek's common stock or capital structure, solely for the grant of inducement stock options to new employees.
In addition, on February 4, 2015 the Compensation Committee of the Board of Directors approved an inducement stock option under the Plan to Douglas Pagan, the Company's Chief Financial Officer. The stock option was granted as an inducement material to Mr. Pagan's employment with Paratek pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. Mr. Pagan's stock option provides him the right to purchase an aggregate of 160,000 shares of Paratek common stock and will vest over four years, with 25% vesting on December 18, 2015 with the balance vesting ratably each month thereafter over the remaining three years. The stock option is subject to the terms and conditions of the Plan and has an exercise price of $24.07 per share, which was the closing price of Paratek's common stock on the date of grant as reported on the NASDAQ Global Market.
Paratek Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative therapies based upon its expertise in novel tetracycline chemistry. Paratek's lead product candidate, omadacycline, is a new tetracycline-derived, broad-spectrum antibiotic being developed in both once-daily oral tablet and intravenous formulations for potential use as a first-line monotherapy antibiotic for ABSSSI, CABP, urinary tract infections (UTI) and other serious community-acquired bacterial infections, particularly when antibiotic resistance is of concern. Omadacycline has received Qualified Infectious Disease Product (QIDP) designation by the U.S. Food and Drug Administration for both the oral and intravenous formulations in all three of these infectious disease categories. Paratek has Special Protocol Assessment agreements with the FDA for the phase 3 trials planned in ABSSSI and CABP.
CONTACT: Paratek Pharmaceuticals, Inc.
President and Chief Medical Officer
(617) 275-0040 x223
LifeSci Advisors, LLC.